This form is used when an Assignor was granted the right to receive, at payout, a certain reversionary working interest in the Lease. Payout has not occurred, and Assignor is vested with beneficial ownership of the Interest in the Leases and Lands. The purpose of this Assignment and the intention of Assignor is to assign to Assignee, the Interest.
The Washington Assignment of a Diversionary Working Interest is a legal document that transfers ownership and rights to a diversionary working interest in an oil and gas property located in Washington. This assignment typically occurs when the current working interest holder (assignor) wishes to transfer their interest to another party (assignee). A diversionary working interest refers to the ownership interest in an oil and gas property that reverts to the original owner or their heirs after a specific event occurs, usually the expiration or termination of a lease or the completion of the extraction process. This type of assignment enables the assignee to assume the responsibilities, rights, and potential profits associated with the diversionary working interest. In Washington, there are different types of Assignment of a Diversionary Working Interest, which can be categorized based on the specific terms and conditions outlined in the agreement. These variations include: 1. Absolute Assignment: This type of assignment transfers the entire ownership and rights of the diversionary working interest from the assignor to the assignee. The assignee gains complete control and responsibility over the interest, including the right to make decisions regarding operations, lease negotiations, and profit distribution. 2. Partial Assignment: In a partial assignment, the assignor transfers only a portion of their diversionary working interest to the assignee. This may be done to diversify ownership, share costs and risks, or for investment purposes. The assignee will have limited control and may need to consult with the assignor for major decisions related to the interest. 3. Temporary Assignment: A temporary assignment of a diversionary working interest is often made when the assignor wants to transfer their interest for a specific period. This arrangement allows the assignee to benefit from the interest during the agreed upon duration, after which the ownership reverts to the assignor. 4. Subordinate Assignment: A subordinate assignment occurs when the assignor transfers their diversionary working interest to the assignee subject to certain conditions or limitations. For example, the assignee may only receive profits or operational control after the assignor has recovered a specific investment amount. When drafting a Washington Assignment of a Diversionary Working Interest, it is crucial to include specific details such as legal descriptions of the property, parties involved, the percentage or value of the interest being transferred, any rights reserved by the assignor, and the term of the assignment. It is recommended to seek legal advice in order to ensure compliance with state laws and regulations governing oil and gas properties in Washington.The Washington Assignment of a Diversionary Working Interest is a legal document that transfers ownership and rights to a diversionary working interest in an oil and gas property located in Washington. This assignment typically occurs when the current working interest holder (assignor) wishes to transfer their interest to another party (assignee). A diversionary working interest refers to the ownership interest in an oil and gas property that reverts to the original owner or their heirs after a specific event occurs, usually the expiration or termination of a lease or the completion of the extraction process. This type of assignment enables the assignee to assume the responsibilities, rights, and potential profits associated with the diversionary working interest. In Washington, there are different types of Assignment of a Diversionary Working Interest, which can be categorized based on the specific terms and conditions outlined in the agreement. These variations include: 1. Absolute Assignment: This type of assignment transfers the entire ownership and rights of the diversionary working interest from the assignor to the assignee. The assignee gains complete control and responsibility over the interest, including the right to make decisions regarding operations, lease negotiations, and profit distribution. 2. Partial Assignment: In a partial assignment, the assignor transfers only a portion of their diversionary working interest to the assignee. This may be done to diversify ownership, share costs and risks, or for investment purposes. The assignee will have limited control and may need to consult with the assignor for major decisions related to the interest. 3. Temporary Assignment: A temporary assignment of a diversionary working interest is often made when the assignor wants to transfer their interest for a specific period. This arrangement allows the assignee to benefit from the interest during the agreed upon duration, after which the ownership reverts to the assignor. 4. Subordinate Assignment: A subordinate assignment occurs when the assignor transfers their diversionary working interest to the assignee subject to certain conditions or limitations. For example, the assignee may only receive profits or operational control after the assignor has recovered a specific investment amount. When drafting a Washington Assignment of a Diversionary Working Interest, it is crucial to include specific details such as legal descriptions of the property, parties involved, the percentage or value of the interest being transferred, any rights reserved by the assignor, and the term of the assignment. It is recommended to seek legal advice in order to ensure compliance with state laws and regulations governing oil and gas properties in Washington.
